MIRA INFORM REPORT

 

 

Report Date :

15.06.2013

 

IDENTIFICATION DETAILS

 

Name :

NISHAT MILLS LIMITED

 

 

Registered Office :

7, Main Gulberg Lahore

 

 

Country :

Pakistan

 

 

Financials (as on) :

30.06.2012

 

 

Year of Incorporation :

1959

 

 

Legal Form :

Public Parent

 

 

Line of Business :

Subject engaged in the textile business

 

 

No. of Employees :

13,636

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Pakistan

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

PAKISTAN - ECONOMIC OVERVIEW

 

Decades of internal political disputes and low levels of foreign investment have led to slow growth and underdevelopment in Pakistan. Agriculture accounts for more than one-fifth of output and two-fifths of employment. Textiles account for most of Pakistan''s export earnings, and Pakistan''s failure to expand a viable export base for other manufactures has left the country vulnerable to shifts in world demand. Official unemployment is under 6%, but this fails to capture the true picture, because much of the economy is informal and underemployment remains high. Over the past few years, low growth and high inflation, led by a spurt in food prices, have increased the amount of poverty - the UN Human Development Report estimated poverty in 2011 at almost 50% of the population. Inflation has worsened the situation, climbing from 7.7% in 2007 to almost 12% for 2011, before declining to 10% in 2012. As a result of political and economic instability, the Pakistani rupee has depreciated more than 40% since 2007. The government agreed to an International Monetary Fund Standby Arrangement in November 2008 in response to a balance of payments crisis. Although the economy has stabilized since the crisis, it has failed to recover. Foreign investment has not returned, due to investor concerns related to governance, energy, security, and a slow-down in the global economy. Remittances from overseas workers, averaging about $1 billion a month since March 2011, remain a bright spot for Pakistan. However, after a small current account surplus in fiscal year 2011 (July 2010/June 2011), Pakistan''s current account turned to deficit in fiscal year 2012, spurred by higher prices for imported oil and lower prices for exported cotton. Pakistan remains stuck in a low-income, low-growth trap, with growth averaging about 3% per year from 2008 to 2012. Pakistan must address long standing issues related to government revenues and energy production in order to spur the amount of economic growth that will be necessary to employ its growing and rapidly urbanizing population, more than half of which is under 22. Other long term challenges include expanding investment in education and healthcare, adapting to the effects of climate change and natural disasters, and reducing dependence on foreign donors

Source : CIA

 

Company name and address Top of Form

Bottom of Form

Top of Form

Nishat Mills Limited

                                                                                                                                                 

 

7, Main Gulberg

 

 

Lahore,

Pakistan

 

 

Tel:

92-42-35716351

Fax:

92-42-35716349

 

www.nishatmillsltd.com

 

Employees:

13,636

Company Type:

Public Parent

Corporate Family:

3 Companies

Traded:

Karachi Stock Exchange:

NML

Incorporation Date:

1959

Auditor:

Riaz Ahmad & Co (CA)

Financials in:

 USD (mil)

Fiscal Year End:

30-Jun-2012

Reporting Currency:

Pakistan Rupee

Annual Sales:

764.3  1

Net Income:

47.4

Total Assets:

984.9  2

Market Value:

342.6

 

(24-May-2013)

                                      

Business Description       

 

Nishat Mills Limited is a Pakistan-based company engaged in the textile business. The Company operates in six business segments: spinning, which engages in the production of various yarn using natural and artificial fibers; weaving, which engages in the production of various greige fabric using yarn; processing and home textile, which engages in processing of greige fabric for production of printed and dyed fabric and manufacturing of home textile articles; garments, which engages in manufacturing garments using processed fabric; power generation, which engages in generating, transmitting and distributing power in use of fuel, and hotel, which engages in business of hotel and allied services. As of June 30, 2012, the Company’s subsidiaries included Nishat Power Limited, Nishat Linen (Private) Limited, Nishat Linen Trading L.L.C, Nishat USA Inc. and Nishat Hospitality (Private) Limited. For the six months ended 31 December 2012, Nishat Mills Limited revenues increased 20% to PKR39.72B. Net income increased from PKR1.98B to PKR4.25B. Revenues reflect Power Generation segment increase of 54% to PKR7.98B, Processing and Home textile segment increase of 27% to PKR6.78B. Net income benefited from Financial Charges decrease of 13% to PKR2.04B (expense), Other income increase of 23% to PKR749.4M (income).

          

Industry                                                                                                                                      

 

Industry

Apparel and Accessories

ANZSIC 2006:

1312 - Natural Textile Manufacturing

NACE 2002:

171 - Preparation and spinning of textile fibres

NAICS 2002:

313111 - Yarn Spinning Mills

UK SIC 2003:

171 - Preparation and spinning of textile fibres

UK SIC 2007:

1310 - Preparation and spinning of textile fibres

US SIC 1987:

2281 - Yarn Spinning Mills

                      

Key Executives           

   

 

Name

Title

Mian Umer Mansha

Chairman of the Board, Chief Executive Officer

Badar Ul-Hassan

Chief Financial Officer

Khalid Mahmood Chohan

Company Secretary

Umer Mansha

Chairman & CEO

Maqsood Ahmad

Executive Director

 

Significant Developments                                                                    

 

Topic

#*

Most Recent Headline

Date

Equity Investments

1

Nishat Mills Ltd to Sell Stake in Lalpir Power Limited

9-Jan-2013

Dividends

3

Nishat Mills Ltd Not to Pay Dividend

22-Feb-2013

     

Financial Summary                                                                                                      

 

As of 31-Dec-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.46

2.75

Quick Ratio (MRQ)

0.85

1.45

Debt to Equity (MRQ)

0.58

0.52

Sales 5 Year Growth

31.76

10.05

Net Profit Margin (TTM) %

10.36

7.39

Return on Assets (TTM) %

8.22

7.59

Return on Equity (TTM) %

13.04

15.09

 

 

 

Stock Snapshot                                     

 

Traded: Karachi Stock Exchange: NML

 

As of 24-May-2013

   Financials in: PKR

Recent Price

95.95

 

EPS

14.39

52 Week High

100.00

 

Price/Sales

0.49

52 Week Low

46.85

 

Dividend Rate

3.50

Avg. Volume (mil)

3.62

 

Price/Earnings

3.30

Market Value (mil)

33,736.00

 

Price/Book

0.68

 

 

 

Beta

1.32

 

Price % Change

Rel S&P 500%

4 Week

17.59%

4.52%

13 Week

32.99%

12.93%

52 Week

88.36%

23.34%

Year to Date

50.51%

19.55%

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = PKR 89.28621
2 - Balance Sheet Item Exchange Rate: USD 1 = PKR 94.4

 

 

Corporate Overview

 

Location
7, Main Gulberg
Lahore, Pakistan

 

Tel:

92-42-35716351

Fax:

92-42-35716349

 

www.nishatmillsltd.com

 

Liason Office

1st Floor Karachi Chamber, Hasrat Mohani Road, Lahore, Pakistan

Quote Symbol - Exchange

NML - Karachi Stock Exchange

Sales PKR(mil):

68,238.1

Assets PKR(mil):

92,971.5

Employees:

13,636

Fiscal Year End:

30-Jun-2012

 

Industry:

Apparel and Accessories

Incorporation Date:

1959

Company Type:

Public Parent

Quoted Status:

Quoted

 

Chairman of the Board, Chief Executive Officer:

Mian Umer Mansha

 

Industry Codes

 

ANZSIC 2006 Codes:

1312

-

Natural Textile Manufacturing

26

-

Electricity Supply

1821

-

Synthetic Resin and Synthetic Rubber Manufacturing

4400

-

Accommodation

1332

-

Rope, Cordage and Twine Manufacturing

1334

-

Textile Finishing and Other Textile Product Manufacturing

 

NACE 2002 Codes:

171

-

Preparation and spinning of textile fibres

4011

-

Production of electricity

5510

-

Hotels

1721

-

Cotton-type weaving

2470

-

Manufacture of man-made fibres

1754

-

Manufacture of other textiles not elsewhere classified

 

NAICS 2002 Codes:

313111

-

Yarn Spinning Mills

721110

-

Hotels (except Casino Hotels) and Motels

313210

-

Broadwoven Fabric Mills

313320

-

Fabric Coating Mills

325221

-

Cellulosic Organic Fiber Manufacturing

314999

-

All Other Miscellaneous Textile Product Mills

2211

-

Electric Power Generation

 

US SIC 1987:

2281

-

Yarn Spinning Mills

2823

-

Cellulosic Manmade Fibers

4911

-

Electric Services

2295

-

Coated Fabrics, Not Rubberized

2299

-

Textile goods, Not Elsewhere Classified

7011

-

Hotels and Motels

2211

-

Broadwoven Fabric Mills, Cotton

 

UK SIC 2003:

171

-

Preparation and spinning of textile fibres

17549

-

Manufacture of other textiles not elsewhere classified

1721

-

Cotton-type weaving

4011

-

Production of electricity

5510

-

Hotels

2470

-

Manufacture of man-made fibres

 

UK SIC 2007:

1310

-

Preparation and spinning of textile fibres

1320

-

Weaving of textiles

2060

-

Manufacture of man-made fibres

3511

-

Production of electricity

5510

-

Hotels and similar accommodation

1396

-

Manufacture of other technical and industrial textiles

 

 

Business Description

Nishat Mills Limited is a Pakistan-based company engaged in the textile business. The Company operates in six business segments: spinning, which engages in the production of various yarn using natural and artificial fibers; weaving, which engages in the production of various greige fabric using yarn; processing and home textile, which engages in processing of greige fabric for production of printed and dyed fabric and manufacturing of home textile articles; garments, which engages in manufacturing garments using processed fabric; power generation, which engages in generating, transmitting and distributing power in use of fuel, and hotel, which engages in business of hotel and allied services. As of June 30, 2012, the Company’s subsidiaries included Nishat Power Limited, Nishat Linen (Private) Limited, Nishat Linen Trading L.L.C, Nishat USA Inc. and Nishat Hospitality (Private) Limited. For the six months ended 31 December 2012, Nishat Mills Limited revenues increased 20% to PKR39.72B. Net income increased from PKR1.98B to PKR4.25B. Revenues reflect Power Generation segment increase of 54% to PKR7.98B, Processing and Home textile segment increase of 27% to PKR6.78B. Net income benefited from Financial Charges decrease of 13% to PKR2.04B (expense), Other income increase of 23% to PKR749.4M (income).

 

More Business Descriptions

Manufacture and export of fabrics, including grey cloth and textile goods; dyeing, bleaching, printing, combing, preparing, spinning and weaving; selling and dealing in yarn, linen, cloth and other goods and fabrics made up from raw cotton and synthetic fibre

 

Mfr & Sales of Yarn, Linen, Cloth & Other Fabrics Made from Raw Cotton, Synthetic Fibre & Cloth

 

Textile and Fabric Finishing Mills

 

 

 

 

 

 

Brand/Trade Names

Nishat

 

 

Financial Data

Financials in:

PKR(mil)

 

Revenue:

68,238.1

Net Income:

4,236.4

Assets:

92,971.5

Long Term Debt:

15,200.0

 

Total Liabilities:

43,268.0

 

Working Capital:

-2.2

 

 

 

Date of Financial Data:

30-Jun-2012

 

1 Year Growth

-1.8%

-53.0%

8.3%

 

Market Data

Quote Symbol:

NML

Exchange:

Karachi Stock Exchange

Currency:

PKR

Stock Price:

96.0

Stock Price Date:

05-24-2013

52 Week Price Change %:

88.4

Market Value (mil):

33,736,000.0

 

SEDOL:

6646817

ISIN:

PK0005501017

 

Equity and Dept Distribution:

10/2006, Scrip Issue, 10 new shares for every 100 shares held. 11/2008, Rights Issue, 1 new share for every 2 shares held @ PKR 25 (Factor: 1.169370).03/2010, Rights Issue, 45 new shares for every 100 shares held @ PKR 40 (Factor: 1.105445)

 

 

Subsidiaries

Company

Percentage Owned

Country

Nishat Power Limited

 

PAKISTAN

 

 

 

 

Key Corporate Relationships

Auditor:

Riaz Ahmad & Co (CA)

Bank:

Albarka Islamic Bank, Allied Bank Limited, Askari Bank Limited, Bank Alfalah Limited, Bank Islami Pakistan Limited, Barclays Bank PLC, Citibank NA, Deutsche Bank AG, Dubai Islamic Bank Pakistan Limited, Faysal Bank Limited, Habib Bank Limited, Habib Metropolitan Bank Limited, HSBC Bank Middle East Limited, JS Bank Limited, KASB Bank Limited, Meezan Bank Limited, National Bank of Pakistan, NIB Bank Limited, Pak Brunei Investment Company Limited, Pakistan Kuwait Investment Company (Pvt) Limited, S

 

Auditor:

Riaz Ahmad & Co, Riaz Ahmad & Co (CA)

 

 

 

 

 

 

 

 

 

 

Corporate Structure News

 

Nishat Mills Limited
Total Corporate Family Members: 3

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Nishat Mills Limited

Parent

Lahore

Pakistan

Apparel and Accessories

764.3

13,636

DG Khan Cement Company Ltd

Subsidiary

Lahore

Pakistan

Construction - Raw Materials

267.1

665

Nishat Power Limited

Subsidiary

Lahore

Pakistan

Electric Utilities

236.2

 

 

 



 

Executives Report

 

Board of Directors

 

Name

Title

Function

Mian Umer Mansha

 

Chairman of the Board, Chief Executive Officer

Chairman

Biography:

Mr. Mian Umer Mansha serves as a Chairman of the Board, Chief Executive Officer of Nishat Mills Limited. He holds a bachelor degree in business administration from USA. He has been serving on the Board of Directors (Board) of various listed companies for more than 15 years. He is also a member of the Human Resource & Remuneration Committee of the Company. He also serves on the Board of Adamjee Insurance Company Limited, MCB Bank Limited, Adamjee Life Assurance Company Limited, Nishat Dairy (Private) Limited, Pakistan Business Council, Nishat Hotel and Properties Limited, Nishat Developers (Private) Limited and Nishat Agriculture Farming (Private) Limited.

 

Education:

Sacred Heart School

 

Umer Mansha

 

Chairman & CEO

Chairman

 

 

Maqsood Ahmad

 

Executive Director

Director/Board Member

 

 

Biography:

Mr. Maqsood Ahmad serves as an Executive Director of Nishat Mills Limited. He holds a masters degree in Business Administration. He has a professional experience of over 20 years in textile industry, especially in the spinning business. He is actively involved in the strategic decisions relating to the operations of the Company.

 

Muhammad Azam

 

Executive Director

Director/Board Member

 

 

Biography:

Mr. Muhammad Azam serves as a Executive Director of Nishat Mills Limited. He is a fellow member of the Institute of Chartered Accountants of Pakistan and an associate member of Institute of Cost and Management Accountants of Pakistan. He has over 35 years of professional experience. He is a member of Audit Committee of the Company and is actively involved in the taxation matters of the Company.

 

Nabiha Shahnawaz Cheema

 

Non-Executive Director

Director/Board Member

 

 

Biography:

Ms. Nabiha Shahnawaz Cheema serves as a Non-Executive Director of Nishat Mills Limited. She is a fellow member of the Institute of Chartered Accountants of Pakistan. She has more than 12 years of professional experience. She is also a member of the Audit Committee of the Company. She also serves on the Board of Security General Insurance Company Limited, Nishat Power Limited, D.G. Khan Cement Company Limited and Nishat Hospitality (Private) Limited.

 

Syed Zahid Hussain

 

Independent Director

Director/Board Member

 

 

Biography:

Mr. Syed Zahid Hussain serves as an Independent Director of Nishat Mills Limited. Mr. Zahid Hussain is B.Sc, LLB and MA International Relations. He has an experience of working as Chairman/Chief Executive/Director of various state owned enterprises and listed companies. He has also served as High Commissioner/ Ambassador of Pakistan based in Kenya, with accredited assignments of Ambassadorship in Tanzania, Uganda, Rwanda, Krundse, Ethiopia and Eritrea.

 

Mian Hassan Mansha

 

Non-Executive Director

Director/Board Member

 

 

Biography:

Mr. Mian Hassan Mansha serves as Non-Executive Director of Nishat Mills Limited. He holds a bachelor degree in business administration from USA. He has been serving on the Board of various listed companies for several years. He is also the Chairman of Human Resource and Remuneration Committee of the Company. He also serves on the Board of Nishat Power Limited, Security General Insurance Company Limited, Lalpir Power Limited, Pakgen Power Limited, Nishat Hotels and Properties Limited, Nishat Hospitality (Private) Limited, Nishat Dairy (Private) Limited, Pakistan Aviators and Aviation (Private) Limited, Nishat Automobiles (Private) Limited and Nishat Agriculture Farming (Private) Limited.

 

Education:

Sacred Heart School

 

Hassan Mansha

 

Board Member

Director/Board Member

 

 

Khalid Qadeer Qureshi

 

Non-Executive Director

Director/Board Member

 

 

Biography:

Mr. Khalid Qadeer Qureshi serves as a Non-Executive Director of Nishat Mills Limited. He is a fellow member of the Institute of Chartered Accountants of Pakistan. He has over 40 years of professional experience. He is also the Chairman of the Audit Committee and a member of Human Resource & Remuneration Committee of the Company. He also serves on the Board of D.G. Khan Cement Company Limited, Nishat Power Limited, Lalpir Power Limited, Pakgen Power Limited and Nishat Paper Products Company Limited.

 

Muhammad Ali Zeb

 

Director

Director/Board Member

 

 

 

Executives

 

Name

Title

Function

Mian Umer Mansha

 

Chairman of the Board, Chief Executive Officer

Chief Executive Officer

Biography:

Mr. Mian Umer Mansha serves as a Chairman of the Board, Chief Executive Officer of Nishat Mills Limited. He holds a bachelor degree in business administration from USA. He has been serving on the Board of Directors (Board) of various listed companies for more than 15 years. He is also a member of the Human Resource & Remuneration Committee of the Company. He also serves on the Board of Adamjee Insurance Company Limited, MCB Bank Limited, Adamjee Life Assurance Company Limited, Nishat Dairy (Private) Limited, Pakistan Business Council, Nishat Hotel and Properties Limited, Nishat Developers (Private) Limited and Nishat Agriculture Farming (Private) Limited.

 

Education:

Sacred Heart School

 

Umer Mansha

 

Chairman & CEO

Chief Executive Officer

 

Khalid Mahmood Chohan

 

Company Secretary

Company Secretary

 

Badar Ul-Hassan

 

Chief Financial Officer

Finance Executive

 

 

 Significant Developments

 

 

 

Nishat Mills Ltd Not to Pay Dividend

Feb 22, 2013


Nishat Mills Limited announced that it is not to pay dividend for the quarter and half year ended December 31, 2012.

Nishat Mills Ltd to Sell Stake in Lalpir Power Limited

Jan 09, 2013


Nishat Mills Ltd announced that its Board of Directors have approved the divestment of up to 15% of its shareholding in Lalpir Power Limited as part of divestments by the sponsors of Lalpir Power Limited through offer for sale of shares to the public and consequent listing of shares of Lalpir Power Limited on the Karachi and Lahore Stock Exchanges.

Nishat Mills Ltd Not To Pay Q1 2012/2013 Dividend

Oct 25, 2012


Nishat Mills Ltd announced that it is not to pay dividend for the three months ended September 30, 2012.

Nishat Mills Ltd To Pay FY 2012 Final Dividend

Oct 05, 2012


Nishat Mills Ltd announced a final cash dividend of PKR 3.50 per share or 35% for the year ended June 30, 2012.

 

Annual Income Statement

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

  Financial Glossary

 

 

 

30-Jun-2012

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
30-Jun-2012

Updated Normal
30-Jun-2011

Updated Normal
30-Jun-2010

Restated Normal
30-Jun-2010

Restated Normal
30-Jun-2009

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

89.286207

85.565587

83.860328

78.573941

62.550956

Auditor

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

-

-

-

303.8

313.2

    Gross Revenue

794.5

844.6

390.9

-

-

    Sales Returns and Allowances

-1.1

-0.9

-0.6

-

-

    Excise Tax Receipts

-29.2

-31.7

-2.1

-

-

Revenue

764.3

812.0

388.2

303.8

313.2

Total Revenue

764.3

812.0

388.2

303.8

313.2

 

 

 

 

 

 

    Cost of Revenue

628.8

663.7

314.2

248.6

268.2

Cost of Revenue, Total

628.8

663.7

314.2

248.6

268.2

Gross Profit

135.4

148.2

74.0

55.2

45.0

 

 

 

 

 

 

    Selling/General/Administrative Expense

30.1

25.1

20.1

17.7

21.3

    Labor & Related Expense

11.5

11.4

8.6

4.6

-

    Advertising Expense

0.8

1.1

0.5

0.2

0.1

Total Selling/General/Administrative Expenses

42.4

37.5

29.2

22.5

21.4

Research & Development

-

-

-

-

0.7

    Depreciation

1.2

0.9

0.8

0.8

1.0

Depreciation/Amortization

1.2

0.9

0.8

0.8

1.0

        Interest Income - Operating

-9.1

-4.6

-0.2

-

-

        Investment Income - Operating

-1.6

-43.1

-3.2

-

-

    Interest/Investment Income - Operating

-10.7

-47.7

-3.5

-

-

Interest Expense (Income) - Net Operating Total

-10.7

-47.7

-3.5

-

-

    Impairment-Assets Held for Sale

10.6

5.4

0.0

0.2

-

    Loss (Gain) on Sale of Assets - Operating

-0.3

-0.7

-0.4

-

-

Unusual Expense (Income)

10.3

4.7

-0.4

0.2

-

    Other Operating Expense

0.4

0.9

0.5

1.1

1.8

    Other, Net

-1.8

-1.9

-1.2

-

-

Other Operating Expenses, Total

-1.3

-1.0

-0.7

1.1

1.8

Total Operating Expense

670.7

658.1

339.8

273.2

293.0

 

 

 

 

 

 

Operating Income

93.6

153.8

48.4

30.6

20.1

 

 

 

 

 

 

        Interest Expense - Non-Operating

-48.7

-48.9

-15.6

-18.4

-15.2

    Interest Expense, Net Non-Operating

-48.7

-48.9

-15.6

-18.4

-15.2

        Investment Income - Non-Operating

22.9

20.1

69.8

12.0

92.8

    Interest/Investment Income - Non-Operating

22.9

20.1

69.8

12.0

92.8

Interest Income (Expense) - Net Non-Operating Total

-25.8

-28.8

54.2

-6.4

77.6

Gain (Loss) on Sale of Assets

-

-

-

0.0

0.0

    Other Non-Operating Income (Expense)

-2.5

-2.5

-

1.0

1.2

Other, Net

-2.5

-2.5

-

1.0

1.2

Income Before Tax

65.3

122.6

102.7

25.3

99.0

 

 

 

 

 

 

Total Income Tax

6.6

6.8

4.7

3.8

4.2

Income After Tax

58.6

115.8

98.0

21.5

94.8

 

 

 

 

 

 

    Minority Interest

-11.2

-10.5

-0.2

-0.2

0.0

Net Income Before Extraord Items

47.4

105.3

97.7

21.3

94.8

Net Income

47.4

105.3

97.7

21.3

94.8

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

47.4

105.3

97.7

21.3

94.8

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

47.4

105.3

97.7

21.3

94.8

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

351.6

351.6

277.6

206.0

206.5

Basic EPS Excl Extraord Items

0.13

0.30

0.35

0.10

0.46

Basic/Primary EPS Incl Extraord Items

0.13

0.30

0.35

0.10

0.46

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

47.4

105.3

97.7

21.3

94.8

Diluted Weighted Average Shares

351.6

351.6

277.6

206.0

206.5

Diluted EPS Excl Extraord Items

0.13

0.30

0.35

0.10

0.46

Diluted EPS Incl Extraord Items

0.13

0.30

0.35

0.10

0.46

Dividends per Share - Common Stock Primary Issue

0.04

0.04

0.03

0.02

0.03

Gross Dividends - Common Stock

-

13.6

10.5

6.2

-

Interest Expense, Supplemental

48.7

48.9

13.5

15.8

13.4

Depreciation, Supplemental

25.0

27.8

13.7

14.3

17.2

Total Special Items

10.3

4.7

-0.4

0.2

0.0

Normalized Income Before Tax

75.5

127.2

102.3

25.5

99.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

1.0

0.3

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

7.7

7.1

4.7

3.8

4.2

Normalized Income After Tax

67.9

120.2

97.6

21.7

94.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

56.7

109.7

97.4

21.5

94.8

 

 

 

 

 

 

Basic Normalized EPS

0.16

0.31

0.35

0.10

0.46

Diluted Normalized EPS

0.16

0.31

0.35

0.10

0.46

Rental Expenses

0.9

0.5

0.2

0.2

0.5

Advertising Expense, Supplemental

0.8

1.1

0.5

0.2

0.1

Research & Development Exp, Supplemental

-

-

-

-

0.7

Normalized EBIT

93.2

110.8

44.6

30.8

20.1

Normalized EBITDA

118.2

138.6

58.3

45.1

37.4

    Current Tax - Total

6.9

6.8

5.1

3.8

4.2

Current Tax - Total

6.9

6.8

5.1

3.8

4.2

    Deferred Tax - Domestic

0.0

0.0

-

-

-

Deferred Tax - Total

0.0

0.0

-

-

-

    Other Tax

-0.3

0.0

-0.4

0.0

0.0

Income Tax - Total

6.6

6.8

4.7

3.8

4.2

Defined Contribution Expense - Domestic

1.1

1.0

0.9

0.2

0.2

Total Pension Expense

1.1

1.0

0.9

0.2

0.2

 



 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

30-Jun-2012

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

UpdateType/Date

Updated Normal
30-Jun-2012

Reclassified Normal
30-Jun-2012

Updated Normal
30-Jun-2010

Restated Normal
30-Jun-2010

Restated Normal
30-Jun-2009

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate

94.400002

85.97

85.525

81.44

68.45

Auditor

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

3.2

1.0

22.1

2.1

1.2

    Short Term Investments

40.2

33.3

18.5

14.0

27.5

Cash and Short Term Investments

43.4

34.3

40.5

16.1

28.7

        Accounts Receivable - Trade, Gross

150.4

102.5

56.5

16.0

20.7

        Provision for Doubtful Accounts

-1.4

-1.5

-1.4

-1.3

-0.4

    Trade Accounts Receivable - Net

149.0

100.9

55.1

14.6

20.3

    Other Receivables

12.8

20.2

18.8

7.3

11.5

Total Receivables, Net

161.8

121.1

73.9

21.9

31.8

    Inventories - Finished Goods

26.0

33.2

18.1

14.3

16.9

    Inventories - Work In Progress

46.7

63.2

34.2

18.8

17.6

    Inventories - Raw Materials

54.3

46.7

33.7

24.1

33.8

    Inventories - Other

-0.1

-0.2

-0.3

0.0

-

Total Inventory

126.8

142.9

85.6

57.1

68.3

Prepaid Expenses

20.8

8.6

4.4

3.8

0.1

Total Current Assets

352.9

306.8

204.5

99.0

128.9

 

 

 

 

 

 

        Buildings

48.9

48.8

46.2

44.0

50.9

        Land/Improvements

8.2

8.5

8.4

6.8

7.5

        Machinery/Equipment

373.5

399.3

384.2

189.0

212.9

        Construction in Progress

21.6

10.8

4.3

183.9

57.6

        Leases

3.2

3.5

0.0

-

-

        Other Property/Plant/Equipment

-

-

-

0.8

-

    Property/Plant/Equipment - Gross

455.3

470.8

443.0

424.5

328.9

    Accumulated Depreciation

-140.5

-130.4

-108.6

-102.7

-106.6

Property/Plant/Equipment - Net

314.7

340.4

334.5

321.8

222.3

    LT Investment - Affiliate Companies

331.1

356.3

302.7

190.9

-

    LT Investments - Other

-14.9

-5.3

0.0

0.0

352.1

Long Term Investments

316.2

350.9

302.7

190.9

352.1

    Other Long Term Assets

1.0

0.7

0.5

0.3

0.3

Other Long Term Assets, Total

1.0

0.7

0.5

0.3

0.3

Total Assets

984.9

998.9

842.2

612.1

703.6

 

 

 

 

 

 

Accounts Payable

27.2

18.3

23.9

8.1

7.6

Accrued Expenses

18.7

18.3

14.8

13.1

10.7

Notes Payable/Short Term Debt

172.6

159.0

110.4

90.2

136.4

Current Portion - Long Term Debt/Capital Leases

20.5

22.1

21.8

8.4

15.0

    Dividends Payable

0.5

0.4

0.4

0.3

0.3

    Customer Advances

2.3

1.6

1.3

0.8

1.7

    Income Taxes Payable

7.9

7.7

5.2

3.9

4.1

    Other Payables

6.4

6.5

3.0

1.4

1.4

    Other Current Liabilities

0.6

0.4

0.2

0.2

0.3

Other Current liabilities, Total

17.6

16.7

10.0

6.7

7.9

Total Current Liabilities

256.7

234.3

180.9

126.5

177.6

 

 

 

 

 

 

    Long Term Debt

159.6

177.6

191.8

168.6

-

    Capital Lease Obligations

1.5

2.4

0.0

-

60.8

Total Long Term Debt

161.0

179.9

191.8

168.6

60.8

Total Debt

354.1

361.0

324.1

267.2

212.3

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

3.3

3.9

3.6

-

-

Deferred Income Tax

3.3

3.9

3.6

-

-

Minority Interest

37.2

31.3

18.2

12.6

2.3

    Pension Benefits - Underfunded

0.0

0.0

-

-

-

    Other Long Term Liabilities

0.1

0.0

0.0

3.1

6.1

Other Liabilities, Total

0.1

0.0

0.0

3.1

6.1

Total Liabilities

458.3

449.4

394.6

310.7

246.9

 

 

 

 

 

 

    Common Stock

37.2

40.9

41.1

29.8

23.3

Common Stock

37.2

40.9

41.1

29.8

23.3

Additional Paid-In Capital

58.3

64.0

64.3

27.3

15.0

Retained Earnings (Accumulated Deficit)

431.0

444.5

342.0

244.2

418.3

    Translation Adjustment

0.0

0.0

0.1

0.0

0.0

Other Equity, Total

0.0

0.0

0.1

0.0

0.0

Total Equity

526.5

549.4

447.6

301.3

456.7

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

984.9

998.9

842.2

612.1

703.6

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

351.6

351.6

351.6

268.1

206.5

Total Common Shares Outstanding

351.6

351.6

351.6

268.1

206.5

Number of Common Shareholders

12,903

13,440

13,849

13,267

12,209

Deferred Revenue - Current

2.3

1.6

1.3

0.8

1.7

Total Long Term Debt, Supplemental

194.0

356.2

390.2

339.3

409.2

Long Term Debt Maturing within 1 Year

24.8

46.2

44.6

34.2

27.6

Long Term Debt Maturing in Year 2

25.9

81.5

45.6

57.6

49.7

Long Term Debt Maturing in 2-3 Years

25.9

81.5

45.6

57.6

49.7

Long Term Debt Matur. in Year 6 & Beyond

143.3

228.5

300.0

247.5

331.9

Total Capital Leases, Supplemental

2.1

3.1

0.0

-

-

Capital Lease Payments Due in Year 1

0.7

0.7

0.0

-

-

Capital Lease Payments Due in Year 2

0.4

0.6

0.0

-

-

Capital Lease Payments Due in Year 3

0.4

0.6

0.0

-

-

Capital Lease Payments Due in Year 4

0.4

0.6

0.0

-

-

Capital Lease Payments Due in Year 5

0.4

0.6

0.0

-

-

Capital Lease Payments Due in 2-3 Years

0.7

1.2

0.0

-

-

Capital Lease Payments Due in 4-5 Years

0.7

1.2

0.0

-

-

Total Operating Leases, Supplemental

0.7

0.1

-

-

-

Operating Lease Payments Due in Year 1

0.1

0.1

-

-

-

Operating Lease Payments Due in Year 2

0.1

0.0

-

-

-

Operating Lease Payments Due in Year 3

0.1

0.0

-

-

-

Operating Lease Payments Due in Year 4

0.1

0.0

-

-

-

Operating Lease Payments Due in Year 5

0.1

0.0

-

-

-

Operating Lease Pymts. Due in 2-3 Years

0.3

0.0

-

-

-

Operating Lease Pymts. Due in 4-5 Years

0.3

0.0

-

-

-

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.0

0.0

-

-

-

 



 

Annual Cash Flows

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

30-Jun-2012

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
30-Jun-2012

Updated Normal
30-Jun-2011

Updated Normal
30-Jun-2010

Reclassified Normal
30-Jun-2010

Restated Normal
30-Jun-2009

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

89.286207

85.565587

83.860328

78.573941

62.550956

Auditor

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

65.3

122.6

102.7

25.3

99.0

    Depreciation

25.1

27.8

13.7

14.2

17.2

Depreciation/Depletion

25.1

27.8

13.7

14.2

17.2

    Unusual Items

10.3

-31.1

-0.7

0.2

-80.7

    Equity in Net Earnings (Loss)

-22.9

-16.4

-69.8

-6.3

-3.1

    Other Non-Cash Items

40.5

36.8

13.9

14.5

6.9

Non-Cash Items

27.9

-10.7

-56.7

8.3

-76.8

    Accounts Receivable

-69.0

-43.6

-52.9

0.1

-10.1

    Inventories

3.5

-58.0

-32.1

0.3

-17.7

    Other Assets

-0.1

-0.4

0.0

0.0

0.0

    Accounts Payable

15.3

0.4

19.1

1.3

-

    Other Liabilities

-

-

-

-

5.4

    Other Operating Cash Flow

-56.6

-48.2

-41.7

-17.6

-17.8

Changes in Working Capital

-106.9

-149.7

-107.7

-15.8

-40.3

Cash from Operating Activities

11.4

-10.0

-48.1

32.0

-0.9

 

 

 

 

 

 

    Purchase of Fixed Assets

-31.1

-38.0

-19.1

-154.5

-79.7

Capital Expenditures

-31.1

-38.0

-19.1

-154.5

-79.7

    Sale of Fixed Assets

1.3

3.2

1.7

0.4

2.1

    Sale/Maturity of Investment

-

-

-

-

127.1

    Purchase of Investments

-3.4

-7.4

-44.6

-6.3

-152.8

    Other Investing Cash Flow

24.8

11.7

6.7

6.4

10.7

Other Investing Cash Flow Items, Total

22.7

7.5

-36.2

0.5

-12.9

Cash from Investing Activities

-8.3

-30.6

-55.3

-154.0

-92.6

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

3.5

6.5

10.7

4.8

Financing Cash Flow Items

0.0

3.5

6.5

10.7

4.8

    Cash Dividends Paid - Common

-14.8

-10.2

-5.7

-5.0

-6.3

Total Cash Dividends Paid

-14.8

-10.2

-5.7

-5.0

-6.3

        Sale/Issuance of Common

-

0.0

52.0

25.4

0.0

    Common Stock, Net

-

0.0

52.0

25.4

0.0

Issuance (Retirement) of Stock, Net

-

0.0

52.0

25.4

0.0

    Short Term Debt, Net

29.4

49.4

25.0

-25.4

68.4

        Long Term Debt Issued

21.7

13.5

53.1

124.8

49.1

        Long Term Debt Reduction

-24.3

-24.0

-7.1

-7.4

-22.5

    Long Term Debt, Net

-2.6

-10.6

46.0

117.4

26.6

Issuance (Retirement) of Debt, Net

26.8

38.8

71.0

92.0

95.0

Cash from Financing Activities

12.0

32.1

123.8

123.1

93.4

 

 

 

 

 

 

Net Change in Cash

15.0

-8.5

20.5

1.2

0.0

 

 

 

 

 

 

Net Cash - Beginning Balance

13.0

22.0

2.0

1.0

1.3

Net Cash - Ending Balance

28.0

13.5

22.5

2.2

1.3

Cash Interest Paid

51.9

49.5

38.0

14.2

16.9

Cash Taxes Paid

7.2

6.6

4.2

3.3

14.0

Annual Income Statement

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

30-Jun-2012

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
30-Jun-2012

Updated Normal
30-Jun-2011

Updated Normal
30-Jun-2010

Restated Normal
30-Jun-2010

Restated Normal
30-Jun-2009

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

89.286207

85.565587

83.860328

78.573941

62.550956

Auditor

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales

-

-

-

303.8

313.2

    Sales

794.5

844.6

390.9

-

-

    Sales tax

-29.2

-31.7

-2.1

-

-

    Discount

-1.1

-0.9

-0.6

-

-

Total Revenue

764.3

812.0

388.2

303.8

313.2

 

 

 

 

 

 

    Cost of Sales

628.8

663.7

314.2

248.4

268.2

    Electricity

-

-

-

0.1

-

    Salaries and other benefits-Distribution

2.3

1.8

-

-

-

    Advertisement - Distribution

0.8

1.1

-

-

-

    Depreciation- Distribution

0.2

0.0

-

-

-

    Distribution & Selling Costs

27.3

22.8

18.3

15.2

16.0

    Salaries and other benefits

5.8

5.0

5.7

4.6

-

    Advertising

0.0

0.0

0.5

0.2

0.1

    Depreciation(1)

1.0

0.8

0.8

0.7

-

    Miscellaneous

0.3

0.3

-

-

-

    Admin./Selling

2.7

2.3

1.8

1.5

4.8

    Research & Development

-

-

-

-

0.7

    Depreciation

-

-

-

-

1.0

    Rent, Rates & Taxes

-

-

-

-

0.5

    Workers participation and welfare fund

3.5

4.6

2.9

-

-

    Impairment loss on equity investments

10.6

5.4

0.0

0.2

-

    Depreciation(2)

0.1

0.1

0.1

0.0

-

    Net Exchnge Loss Incl. Forword contracts

0.4

0.0

-

-

-

    Loss on disposal of investment in associ

0.0

3.7

0.0

-

-

    Exchange Loss

0.0

0.0

-

-

-

    Other Expenses

0.2

0.6

0.5

-

-

    Provision for slow moving stores

-

-

-

1.1

-

    Other Operating Expenses

-

-

-

1.1

1.8

    Dividend income

-9.1

-4.6

-0.2

-

-

    Investment income

-2.0

-46.8

-3.2

-

-

    Gain on sale of property

-0.3

-0.7

-0.4

-

-

    Other income

-1.8

-1.9

-1.2

-

-

Total Operating Expense

670.7

658.1

339.8

273.2

293.0

 

 

 

 

 

 

    Dividend Income from Related Parties

-

-

-

5.0

8.8

    Dividend Income from Others

-

-

-

0.1

0.1

    Sale Investment

-

-

-

0.0

80.9

    Exchange Gain(1)

-

-

-

0.0

-

    Sale Fixed Assets

-

-

-

0.0

0.0

    Sale Scrap/Stocks

-

-

-

0.8

1.2

    Exchange Gain

-

-

-

0.7

0.0

    Other Income

-

-

-

0.2

0.0

    Financial Charges

-48.7

-48.9

-13.5

-15.8

-13.4

    Bank Charges and Commision

-2.5

-2.5

-

-

-

    Bank Charges & Commission

-

-

-2.1

-2.6

-1.8

    Share of Profits in Associated Companies

22.9

20.1

69.8

6.3

3.1

Net Income Before Taxes

65.3

122.6

102.7

25.3

99.0

 

 

 

 

 

 

Provision for Income Taxes

6.6

6.8

4.7

3.8

4.2

Net Income After Taxes

58.6

115.8

98.0

21.5

94.8

 

 

 

 

 

 

    Minority Interest

-11.2

-10.5

-0.2

-0.2

0.0

Net Income Before Extra. Items

47.4

105.3

97.7

21.3

94.8

Net Income

47.4

105.3

97.7

21.3

94.8

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

47.4

105.3

97.7

21.3

94.8

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

47.4

105.3

97.7

21.3

94.8

 

 

 

 

 

 

Basic Weighted Average Shares

351.6

351.6

277.6

206.0

206.5

Basic EPS Excluding ExtraOrdinary Items

0.13

0.30

0.35

0.10

0.46

Basic EPS Including ExtraOrdinary Items

0.13

0.30

0.35

0.10

0.46

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

47.4

105.3

97.7

21.3

94.8

Diluted Weighted Average Shares

351.6

351.6

277.6

206.0

206.5

Diluted EPS Excluding ExtraOrd Items

0.13

0.30

0.35

0.10

0.46

Diluted EPS Including ExtraOrd Items

0.13

0.30

0.35

0.10

0.46

DPS-Ordinary Shares

0.04

0.04

0.03

0.02

0.03

Gross Dividends - Common Stock

-

13.6

10.5

6.2

-

Normalized Income Before Taxes

75.5

127.2

102.3

25.5

99.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

7.7

7.1

4.7

3.8

4.2

Normalized Income After Taxes

67.9

120.2

97.6

21.7

94.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

56.7

109.7

97.4

21.5

94.8

 

 

 

 

 

 

Basic Normalized EPS

0.16

0.31

0.35

0.10

0.46

Diluted Normalized EPS

0.16

0.31

0.35

0.10

0.46

Interest Expense

48.7

48.9

13.5

15.8

13.4

Depreciation

25.0

27.8

13.7

14.3

17.2

Rental Expenses

0.9

0.5

0.2

0.2

0.5

Advertising Expenses

0.8

1.1

0.5

0.2

0.1

Research & Development

-

-

-

-

0.7

    Current Tax

6.9

6.8

5.1

3.8

4.2

Current Tax - Total

6.9

6.8

5.1

3.8

4.2

    Deferred Tax - Domestic

0.0

0.0

-

-

-

Deferred Tax - Total

0.0

0.0

-

-

-

    Prior Year Adjustment

-0.3

0.0

-0.4

0.0

0.0

Income Tax - Total

6.6

6.8

4.7

3.8

4.2

Contribution to Provident Fund

1.1

1.0

0.9

0.2

0.2

Total Pension Expense

1.1

1.0

0.9

0.2

0.2

 




 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

30-Jun-2012

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

UpdateType/Date

Updated Normal
30-Jun-2012

Reclassified Normal
30-Jun-2012

Updated Normal
30-Jun-2010

Restated Normal
30-Jun-2010

Restated Normal
30-Jun-2009

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate

94.400002

85.97

85.525

81.44

68.45

Auditor

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Stores/Spares

15.2

16.2

10.9

6.9

7.5

    loose tools

0.1

0.1

0.0

0.0

-

    Provision for slow moving items(1)

-0.1

-0.2

-0.3

0.0

-

    Raw Materials

39.1

30.5

22.8

17.2

26.3

    Work in Progress

46.7

63.2

34.2

18.8

17.6

    Finished Goods

26.0

33.2

18.1

14.3

16.9

    Trade Debtors

150.4

102.5

56.5

16.0

20.7

    Other debts

1.4

1.5

-

1.3

-

    Doubtful Debts

-1.4

-1.5

-1.4

-1.3

-0.4

    Advance to Supplier

12.5

1.1

-

-

-

    Income tax

7.7

6.8

4.4

3.8

-

    Loans & Advances

0.6

1.1

9.0

1.9

6.0

    Adv./Prepayments

0.7

0.7

0.1

0.1

0.1

    Short Term Deposits

0.1

0.1

0.3

0.3

0.4

    Other Debtors

10.3

17.5

9.8

4.1

5.5

    Accrued interest

0.5

0.0

0.0

-

-

    ST Investments

16.8

20.7

18.2

13.7

27.1

    Term deposit

23.3

12.5

0.0

-

-

    Cash Bank/Hand

3.2

1.0

22.1

2.1

1.2

    Provision for slow moving items

-

-

0.0

0.0

-

    Letters of credit

-

-

0.0

0.0

-

Total Current Assets

352.9

306.8

204.5

99.0

128.9

 

 

 

 

 

 

    Investment Property

-

-

-

-

0.0

    Freehold Land

6.1

7.6

7.5

6.8

7.5

    Buildings

47.9

47.7

45.1

44.0

50.9

    Plant/Machinery

353.7

379.1

365.6

170.9

192.7

    Electric Instal.

7.3

7.8

7.7

8.0

9.4

    Factory Equip.

2.6

2.5

2.3

2.2

2.3

    F.F./Equipment

3.7

3.8

3.2

3.1

3.3

    Computer

1.5

1.6

1.5

3.4

3.8

    Vehicles

4.6

4.6

4.0

1.3

1.5

    Lease (P&M)

3.2

3.5

0.0

-

-

    Accumulated depreciation

-140.1

-130.0

-108.1

-102.4

-106.6

    Capital WIP

21.6

10.8

4.3

183.9

57.6

    Investment Property

-

-

-

0.8

-

    Land (investment property)

2.1

0.9

0.9

-

-

    Buildings(1)

1.0

1.1

1.1

-

-

    Depreciation

-0.5

-0.5

-0.4

-0.3

-

    LT Investments Associated

331.1

356.3

302.7

190.9

-

    LT Investments

-14.9

-5.3

0.0

0.0

352.1

    Long term loans

0.5

0.4

0.3

0.2

0.1

    Security deposits

0.5

0.4

0.2

0.1

-

    LT Deposits, Prepay. & Deferred Cost

-

-

0.0

0.0

0.2

Total Assets

984.9

998.9

842.2

612.1

703.6

 

 

 

 

 

 

    ST Loans

172.6

159.0

110.4

90.2

136.4

    Current Debt

20.5

22.1

21.8

8.4

15.0

    Creditors

27.2

18.3

23.9

8.1

7.6

    Accrued liabilities

8.5

6.2

5.2

5.3

6.2

    Advances from Customers

2.3

1.6

1.3

0.8

1.7

    Securities Cont.

0.2

0.3

0.1

0.2

0.3

    Retention money payable

0.1

0.1

0.1

-

-

    Tax Deducted

0.0

0.0

0.0

0.0

0.1

    Sales tax payable

0.6

0.8

0.0

-

-

    Dividends Pay.

0.5

0.4

0.4

0.3

0.3

    Employee Fund

0.1

0.1

0.0

0.0

0.0

    Fair Value of Forward Exchange Contracts

0.3

0.0

-

-

-

    Workers Fund

3.5

4.4

2.1

1.0

1.0

    Welfare Fund

2.8

2.1

0.8

0.4

0.4

    Gratuity Payable

-

-

-

0.0

0.1

    Mark Up Accrued

9.6

11.3

9.5

7.8

4.5

    Tax Provisions

7.9

7.7

5.1

3.9

4.0

Total Current Liabilities

256.7

234.3

180.9

126.5

177.6

 

 

 

 

 

 

    Long Term financing

159.6

177.6

191.8

168.6

-

    Finance Lease

1.5

2.4

0.0

-

60.8

Total Long Term Debt

161.0

179.9

191.8

168.6

60.8

 

 

 

 

 

 

    Security deposit

0.1

0.0

0.0

-

-

    Retirement Benefit Obligation

0.0

0.0

-

-

-

    Minority Interest

37.2

31.3

18.2

-

-

    Deferred income tax

3.3

3.9

3.6

-

-

    Deferred Liabs.

-

-

-

3.1

6.1

    Minority Interest

-

-

-

12.6

2.3

Total Liabilities

458.3

449.4

394.6

310.7

246.9

 

 

 

 

 

 

    Share Capital

37.2

40.9

41.1

29.8

23.3

    Share Premium

58.3

64.0

64.3

27.3

15.0

    Fair Value Reserve

56.0

68.6

59.8

42.9

196.9

    Exchange Translation Reserve

0.0

0.0

0.1

0.0

0.0

    Capital Redemption Reserve Fund

1.2

1.3

1.3

1.4

1.6

    General Reserve

327.4

268.2

183.9

176.5

132.6

    Amalgamtion Reserve

-

-

-

-

7.0

    Unapprop. Profit

46.4

106.4

95.5

23.2

80.2

    Statutory Reserve

-

-

1.6

0.3

0.0

Total Equity

526.5

549.4

447.6

301.3

456.7

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

984.9

998.9

842.2

612.1

703.6

 

 

 

 

 

 

    S/O-Ordinary Shares

351.6

351.6

351.6

268.1

206.5

Total Common Shares Outstanding

351.6

351.6

351.6

268.1

206.5

Deferred Revenue Current

2.3

1.6

1.3

0.8

1.7

Number of Common Shareholders

12,903

13,440

13,849

13,267

12,209

Long Term Debt Maturing within 1 Year

24.8

46.2

44.6

34.2

27.6

Long Term Debt Maturing within 1-2 Year

25.9

81.5

45.6

57.6

49.7

Long Term Debt - Remaning Maturities

143.3

228.5

300.0

247.5

331.9

Total Long Term Debt, Supplemental

194.0

356.2

390.2

339.3

409.2

Capital Lease Due within 1 Year

0.7

0.7

0.0

-

-

Capital Lease Due within 5 Year

1.5

2.4

0.0

-

-

Total Capital Leases, Supplemental

2.1

3.1

0.0

-

-

Operating Lease Pymts. Due within 1Year

0.1

0.1

-

-

-

Operating Lease Payments Due in Year 5

0.5

0.0

-

-

-

Total Operating Leases, Supplemental

0.7

0.1

-

-

-

 




 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

30-Jun-2012

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
30-Jun-2012

Updated Normal
30-Jun-2011

Updated Normal
30-Jun-2010

Reclassified Normal
30-Jun-2010

Restated Normal
30-Jun-2009

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

89.286207

85.565587

83.860328

78.573941

62.550956

Auditor

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Riaz Ahmad & Co (CA)

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

65.3

122.6

102.7

25.3

99.0

    Depreciation

25.1

27.8

13.7

14.2

17.2

    Provision for Doubtful Debts

0.0

0.1

0.1

1.0

0.4

    Offer for sale expenses

0.0

0.2

0.0

-

-

    Gain on loss of influence over investee

0.0

-35.8

0.0

-

-

    Net exchange gain including loss on forw

0.4

-10.2

-2.0

0.0

-

    Sale Fixed Assets

-0.3

-0.7

-0.4

0.0

0.2

    Loss on disposal of investment in associ

0.0

3.7

0.0

-

-

    Dividend income

-9.1

-4.6

-0.2

-5.0

-

    Interest income

-2.0

0.0

0.0

-

-

    Share of Profits in Associated Companies

-22.9

-20.1

-69.8

-6.3

-3.1

    Impairment Loss on Investments

10.6

5.4

0.0

0.2

0.0

    Financial Charges

51.2

51.4

15.6

18.4

15.2

    Sale Investments

-

0.0

-0.4

0.0

-80.9

    Provision for slow moving stores, spare

-

0.0

0.3

0.0

-

    Provision for slow moving stock-in-trade

-

0.0

0.0

0.0

-

    Prov. Gratuity

-

-

-

-

0.1

    Amort. Def. Cost

-

-

-

-

0.0

    Stores/Spares

-0.5

-5.5

-4.4

-0.6

-1.3

    Stocks

4.0

-52.5

-27.7

0.9

-16.4

    Trade Debtors

-60.3

-48.1

-40.8

0.1

-10.0

    Loans and advances

-11.7

6.9

-7.3

-0.6

0.5

    Short Term Debt & Prepayment

-0.1

-0.4

0.0

0.0

0.0

    Other Debtors

3.0

-2.4

-4.9

0.6

-0.5

    Increase in trade and other payables

15.3

0.4

19.1

1.3

-

    Creditor/Liabs.

-

-

-

-

5.4

    Dividend Income

-

-

-

-

-8.8

    Interest Paid

-51.9

-49.5

-38.0

-14.2

-14.0

    Tax Paid

-7.2

-6.6

-4.2

-3.3

-3.8

    Security deposit received

0.1

0.0

0.0

-

-

    Exchange gain on forward exchange contra

2.9

8.3

0.8

0.0

-

    Net increase in retirement benefit oblig

0.0

0.0

-

-

-

    Net Decrease in Long Term Loans

-0.3

-0.1

-0.2

-0.1

0.0

    Net Decrease in Long Term Deposits

-0.1

-0.2

0.0

0.0

0.0

    Gratuity Paid

-

-

0.0

0.0

0.0

Cash from Operating Activities

11.4

-10.0

-48.1

32.0

-0.9

 

 

 

 

 

 

    Sale Fixed Assets

1.3

3.2

1.7

0.4

2.1

    Sale Investments

-

-

-

-

127.1

    Dividend from Associated Companies

23.4

11.7

6.7

6.5

10.7

    Purch. Investments

-3.4

-7.4

-44.6

-6.3

-152.8

    Capital Expenditure

-31.1

-38.0

-19.1

-154.5

-79.7

    Interest Recieved

1.5

0.0

-

-

-

    Acquisition of Foreign Subsidiary

-

-

0.0

0.0

0.0

Cash from Investing Activities

-8.3

-30.6

-55.3

-154.0

-92.6

 

 

 

 

 

 

    Proceeds from Long Term Financing

21.7

13.5

53.1

124.8

49.1

    Issue of Shares to Minority

0.0

3.5

6.5

10.8

2.6

    Payment of Finance Lease

-0.7

-0.4

0.0

0.0

-0.5

    Repayment of long term financing

-23.6

-23.6

-7.1

-7.4

-22.0

    Dividends Paid

-14.8

-10.2

-5.7

-5.0

-6.3

    Proceeds from Issue of Right Shares

-

0.0

52.0

25.4

0.0

    Share Deposit Money Received

-

-

-

0.0

2.4

    Cost of Issuance of Shares

-

-

0.0

-0.1

-0.1

    Exchange Difference on Translation

0.0

0.0

0.0

0.0

0.0

    Short term Borrowing - net

29.4

49.4

25.0

-25.4

68.4

Cash from Financing Activities

12.0

32.1

123.8

123.1

93.4

 

 

 

 

 

 

Net Change in Cash

15.0

-8.5

20.5

1.2

0.0

 

 

 

 

 

 

Net Cash - Beginning Balance

13.0

22.0

2.0

1.0

1.3

Net Cash - Ending Balance

28.0

13.5

22.5

2.2

1.3

    Cash Interest Paid

51.9

49.5

38.0

14.2

16.9

    Cash Taxes Paid

7.2

6.6

4.2

3.3

14.0

 

 

Financial Health

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

Key Indicators USD (mil)

 

Quarter
Ending
31-Mar-2013

Quarter
Ending
Yr Ago

Annual
Year End
30-Jun-2012

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 (?)

0.1

-99.93%

764.3

-1.78%

41.92%

31.76%

Operating Income1 (?)

-

-

93.6

-36.50%

51.50%

40.92%

Income Available to Common Excl Extraord Items1 (?)

-

-

47.4

-52.97%

36.28%

20.40%

Basic EPS Excl Extraord Items1 (?)

0.04

-30.00%

0.13

-52.97%

14.03%

8.25%

Capital Expenditures2 (?)

0.0

-99.90%

31.1

-14.82%

-38.87%

20.83%

Cash from Operating Activities2 (?)

-

-

11.4

-

-26.14%

-15.91%

Free Cash Flow (?)

-

-

-18.6

-

-

-

Total Assets3 (?)

0.7

-99.92%

984.9

8.27%

23.09%

18.74%

Total Liabilities3 (?)

0.2

-99.95%

458.3

11.98%

19.58%

35.64%

Total Long Term Debt3 (?)

-

-

161.0

-1.73%

3.45%

53.67%

Total Common Shares Outstanding3 (?)

-

-

351.6

0.00%

9.47%

11.23%

1-ExchangeRate: PKR to USD Average for Period

97.872949

 

89.286207

 

 

 

2-ExchangeRate: PKR to USD Average for Period

96.189771

 

89.286207

 

 

 

3-ExchangeRate: PKR to USD Period End Date

98.429841

 

94.400002

 

 

 

Key Ratios

 

30-Jun-2012

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

Profitability

Gross Margin (?)

17.72%

18.26%

19.05%

18.18%

14.35%

Operating Margin (?)

12.25%

18.95%

12.48%

10.07%

6.43%

Pretax Margin (?)

8.54%

15.09%

26.45%

8.32%

31.60%

Net Profit Margin (?)

6.21%

12.96%

25.17%

7.01%

30.27%

Financial Strength

Current Ratio (?)

1.37

1.31

1.13

0.78

0.73

Long Term Debt/Equity (?)

0.31

0.33

0.43

0.56

0.13

Total Debt/Equity (?)

0.67

0.66

0.72

0.89

0.46

Management Effectiveness

Return on Assets (?)

5.85%

12.55%

13.48%

3.45%

13.55%

Return on Equity (?)

8.74%

21.07%

26.09%

6.00%

19.37%

Efficiency

Receivables Turnover (?)

5.31

8.31

8.03

12.05

11.76

Inventory Turnover (?)

4.63

5.79

4.40

4.19

4.09

Asset Turnover (?)

0.76

0.88

0.53

0.49

0.45

Market Valuation USD (mil)

P/E (TTM) (?)

4.97

.

Enterprise Value2 (?)

703.3

Price/Sales (TTM) (?)

0.45

.

Enterprise Value/Revenue (TTM) (?)

0.91

Price/Book (MRQ) (?)

0.58

.

Enterprise Value/EBITDA (TTM) (?)

5.67

Market Cap as of 24-May-20131 (?)

342.6

.

 

 

1-ExchangeRate: PKR to USD on 24-May-2013

98.479775

 

 

 

2-ExchangeRate: PKR to USD on 31-Dec-2012

97.199997

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 



 

 

30-Jun-2012

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

Financial Strength

Current Ratio (?)

1.37

1.31

1.13

0.78

0.73

Quick/Acid Test Ratio (?)

0.80

0.66

0.63

0.30

0.34

Working Capital1 (?)

96.2

72.5

23.5

-27.5

-48.8

Long Term Debt/Equity (?)

0.31

0.33

0.43

0.56

0.13

Total Debt/Equity (?)

0.67

0.66

0.72

0.89

0.46

Long Term Debt/Total Capital (?)

0.18

0.20

0.25

0.30

0.09

Total Debt/Total Capital (?)

0.40

0.40

0.42

0.47

0.32

Payout Ratio (?)

29.05%

12.88%

8.47%

22.26%

6.74%

Effective Tax Rate (?)

10.17%

5.55%

4.59%

14.92%

4.22%

Total Capital1 (?)

880.6

910.4

771.6

568.5

669.0

 

 

 

 

 

 

Efficiency

Asset Turnover (?)

0.76

0.88

0.53

0.49

0.45

Inventory Turnover (?)

4.63

5.79

4.40

4.19

4.09

Days In Inventory (?)

78.85

62.99

82.92

87.19

89.25

Receivables Turnover (?)

5.31

8.31

8.03

12.05

11.76

Days Receivables Outstanding (?)

68.70

43.95

45.43

30.30

31.04

 

 

 

 

 

 

Profitability

Gross Margin (?)

17.72%

18.26%

19.05%

18.18%

14.35%

Operating Margin (?)

12.25%

18.95%

12.48%

10.07%

6.43%

EBITDA Margin (?)

15.52%

22.37%

16.00%

14.76%

11.94%

EBIT Margin (?)

12.25%

18.95%

12.48%

10.07%

6.43%

Pretax Margin (?)

8.54%

15.09%

26.45%

8.32%

31.60%

Net Profit Margin (?)

6.21%

12.96%

25.17%

7.01%

30.27%

R&D Expense/Revenue (?)

-

-

-

-

0.23%

COGS/Revenue (?)

82.28%

81.74%

80.95%

81.82%

85.65%

SG&A Expense/Revenue (?)

5.55%

4.62%

7.53%

7.41%

6.82%

 

 

 

 

 

 

Management Effectiveness

Return on Assets (?)

5.85%

12.55%

13.48%

3.45%

13.55%

Return on Equity (?)

8.74%

21.07%

26.09%

6.00%

19.37%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 (?)

-0.05

-0.14

-0.19

-0.44

-0.36

Operating Cash Flow/Share 2 (?)

0.03

-0.03

-0.13

0.12

0.00

1-ExchangeRate: PKR to USD Period End Date

94.400002

85.97

85.525

81.44

68.45

2-ExchangeRate: PKR to USD Average for Period

94.400002

85.97

85.525

81.44

68.45

 

Current Market Multiples

Market Cap/Earnings (TTM) (?)

4.97

Market Cap/Equity (MRQ) (?)

0.58

Market Cap/Revenue (TTM) (?)

0.45

Market Cap/EBIT (TTM) (?)

3.45

Market Cap/EBITDA (TTM) (?)

2.80

Enterprise Value/Earnings (TTM) (?)

10.07

Enterprise Value/Equity (MRQ) (?)

1.19

Enterprise Value/Revenue (TTM) (?)

0.91

Enterprise Value/EBIT (TTM) (?)

7.00

Enterprise Value/EBITDA (TTM) (?)

5.67

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.57.74

UK Pound

1

Rs.90.64

Euro

1

Rs.77.02

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.